Exactly this example - selling agricultural and purchasing a multi family residential rental building.One limiting factor though is going to be that you will need to take title to the new property as the same taxpayer that owns the old property at least initially. 

In most cases, if you buy with a conventional loan then you do not need to live in the property and are free to rent it out immediately, however , if you qualified for the loan with the subject property being a primary residence on your loan application than you must occupy the property for at least one year. 

You do not need to decline any applicant simply find a better qualified applicant and let all others know the unit is no longer available. 

Do you have the tenants go through your rental application and require them to purchase the background check/credit check?

What are the rules or limitations with renting it out? 

Primarily, we are looking for BRRRR and buy & hold properties and know rehab expenses are imminent.Question - What's the best way to increase our lending limits without completely tanking our scores?     

Credit limit up to $150K.  

A hard money lender gave me this quote and Im trying to figure if its a good deal also, its on a 2 fam building in upstate Ny, if anyone can give advice please respond to me publically so other people can lean as i am. thank you. im going to try to post this on other threads because its time sensitive Loan Amount: Total loan amount of $63,750 or 65% of After Repair Value, whichever is less (Subject to appraisal, inspection, applicant interview and additional underwriting.

If the market is able to support the sale of 4-5 cap dogs and time is limited for digging deeper, since experience is what I need what would you recommend?

They did a "limited review" on the condo certification which doesn't even ask a lot of those questions.Best wishes!